Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Consolation not dilution.
Was going to say it’s likely Sneller as the only person with that number of shares.
Holding notification likely to confirm it shortly. They would have probably held them from before the 10 to 1 dilution.
I wonder what his buy price could have been 10p? so was worth 1.2 million thats some loss
Someone said that a big seller just listned to the conference call and put the order in at whatever price
I think SENX bounces now with enough cash for all needs and net assets 15p, would need CEO to ahow more deep pockets
Into the close it was 1.9p to sell and 1.92p to buy
They got really shafted by the market makers @ 1.1 ouch
Yesterday there was 25mln volume and today 4mln
More than enough to clear the 12mln sell from Yesterday
Seller cleared was Richard Sneller it seems
There are no restrictions on the trading of the Company's ordinary shares. As of 31 July 2023, significant shareholders of the Company are Richard Sneller (11.60%), CRUX Asset Management (8.42%), Quercus TFI SA (7.26%), Marlborough Fund Managers (4.20%), and Spreadex LTD (3.02%).
12mln sell ( about 11% of SENX
2mln buy
Both from yesterday
There is the large sell cleared
The buy price is the same as the eell price (1.9pp)
?
3 others on the board also had 33% vote against them but not enough to remove them. Was this part of the AF rebellion that didn’t come off and had to resign?
Also both special resolutions 11 Pre emption rights (issue of shares) and 12 share buybacks were rejected. So the company can not do much until next vote in May. Unless an EGM is called.
Lol lol lol MickR...on a day some 10 million shares were bought below 1.8p and easily available the boss who sucks out millions out of this company goes and buys £5k's worth when he holds such a tiny amount. I remember a while back holding more than him and I do not earn £600k a year and have nothing to do with the company. Polishing a turd there defending that pitiful buy
Agree . This will be back to 4p soon after panic selling . Most analysts based on figures backing 15p as a fair value
Im filling my boots at these levels
15m of assetts and valued at 2m market cap!!
MickR
Prudent analogy. Totally agree !
Guys, the director/CEO buying may continue. It would be foolish of him to throw everything into it in one go.
Let's see if more buys are reported over the coming days.
At sub 2p, this share price looks very decent for an uplift, obviously this is not good for holders who bought in at 20p plus.
DYOR
A pathetic management purchase of shares....I was just thinking I might do a bit of bottom fishing but with the CEO's obvious complete lack of commitment I will pass. Seldom does a Management Purchase hold back a share this one does ! ....total "unselfawareness " of what ones actions signal
I am -95% down currently.
but the so called leader, is still in a job, wish I was incompetent and paid extremely well.
criminal ongoing really, absolute shambles of a share
I'm not sure what goes through his head to think these things are a good idea.
His responses to questions on the presentation were nonchalant. They have messed up 3 wells in a row and the fourth is also looking like requiring further remedial work. Things are only going to happen when they have the cash come in so why pay huge salaries. The only thing that'll save them is an increase in Oil and gas price. And even that might not be enough.
Because he's sucking the life out of the company, the last set of results were dreadful. If he believed in his own company yesterday was the best opportunity he is ever going to get to buy size. He could have bought 10 million no problem yesterday below 2p and that would only cost him a third of his annual salary but 250k is a joke. He clearly does not think his own stock is worth buying, a token £5k buy is extremely negative no positive imo
I agree dave , if he earns £0.6mln why only 250,000 shares!!
Normally you want to see director buying but the boss here who is on the most ridiculous salary £600k+ I believe has such a tiny shareholding and then buys a piddly 250k on that drop is just a plain insult to shareholders, this guy must be laughing all the way to the bank. The ratio of the money he takes out of this company to what he puts back in is laughable. If I held I'd be selling this at the open
I've watched the presentation and would make the following comments:
1. May 2023 was a missed opportunity. Resolution 3 at the AGM 11th May Re-Appoint J.Auld.
a/ 26.7m in favour (86.66%).
b/ Against (fire his ***) 4.1m. (13.34%)
c/ Abstain 12.4m.
d/ Did not bother to vote 77.6m.
(Total 110.8m shares)
Fewer than 4% voted to be rid of Mr Auld. I count myself in that 4%. Shame on you if you didn't bother.
So lots didn't bother who voted to keep Mr Auld?
Assuming most (all?) PIs would vote in favour it must be the ii's.
A little bit of research shows that there are a swathe of ii's holding 47.4m shares (42.7% of votes)
Source: https://research-centre.barclays.co.uk/shares/serinus-energy-npv/company-information/detail/
2. I previously commented on this board that the $22/boe G&A cost was disproportionate and needed cutting. Someone raised this on the call (thank you whoever did this). This was immediately dismissed. $22/boe is less than many other similar companies said Mr Auld! And besides he continued SENX has 2 listings and 2 operations explaining the elevated cost.
It didn't take me long to rack my brains and think of i3energy. They are listed in Canada and the UK. They have operations in Alberta, Canada, plus also operations in the North Sea. 2 listings and 2 operations. What's their G&A cost per BOE? Well the admin cost for 2022 was $15,038,000 and their 2022 BOE production was 7,415,705. Their G&A was $2.03/boe (rounded up). Not $22. To give an idea if i3 had a $22/boe admin cost their admin would have cost them $163m last year! (i3 made $42m net profit to give you an idea how ridiculous that ratio is)
3. Today's fall. Probably along with many other people I feel there's substantial value here, but also the incompetence is spectacular. My instinct today was to average down at a 1.9p buy price but I resisted the urge to do so. Judging by the 100k buys suggests one or more of the ii were busily hoovering up shares.
So what does the smart money know?
a/ Sabria N2 is "in the bag". 45% of 420boe/day x 365 x $38 net back is $5.8m to the bottom line (assuming further G&A is not required!). Ah, one off costs of $180k if the acid is required (45% of $400k)
b/ Sabria W1-side track is potentially achievable in 2023. That could add a further $5.8m or more at a cost of circa $2m.*
c/ Sale of assets (asset stripping)? **
d/ Take over bid in the offing? ***
* +840BOE/day means G&A per BOE - drops to $10 from $22.54 - still high and SENX is suddenly quite profitable.
** - ii's listen to presentations too. That comment about the value of the gas works being worth more in scrap than the market cap might've pricked up someone's ears.
*** - IF THERE'S AN EXTRAORDINARY MEETING ANNOUNCED PLEASE VOTE!!!
GLA
he won't want to give his job up!
hope there's a crazy but out,i'd settle for 25p.
they really are ******* useless,you'd think it was j7st their hobby.
Maybe he will instigate a buyout with his annual salary !